Oracle General Ledger year-end settlement process

The year-end settlement process in the 1.Oracle General ledger application is included in the open/closed procedure. When the user opens the first period of the new Year, the "Gloire" process in the open/Close program completes the work of transferring all revenue and expense (income statement) account balances to the retained Earnings account (REA).

The program then sets the starting balance for these revenue and expense accounts to 0 in the first period of the new Year. These processes do not create journals, but simply update the account balances for the new period. The remaining types of account actual balances-assets, liabilities and owner equity (balance sheet) are translated into the new Year.

Note: It is important to check for incorrect account categories (incorrect accounting, account mix) before opening the new year.

Help identify the wrong account category please run the Diagnostic tool for the general ledger: Wrong account category activity script note:1416402.1

2. Users can open the ' new ' one year after completing all the processing processes of the previous year <internal only users can > before completing all the processing processes for the previous year. This allows the sub-ledger processing process to continue working normally. When the journal is transferred to the previous period of the "latest open period", the first period of the new year falls between the period during which the journal was imported and the most recently opened period. The transfer program rolls forward the actual balance to all periods that have been opened to update the retained earnings balance,

Note: The early opening of the first period of the new year will result in a drop in delivery performance. This is because the transfer process is rolled forward to all affected account balances to all open periods <internal only to all of the previously opened >.

3. During the opening/closing process, the "Gloire" process confirms an effective, active retained earnings account for each balanced segment value that has been active during the previous year (including those with no activity in the year but with balances in the gl_balances). The process requires these retained income accounts even if the final net amount of all transactions for a balanced segment value is 0.

4. Prior to the opening of the first period of the new Year, the following steps need to be taken in the year preceding the "Closure":

1. Back up the database.

2. Reconcile the next calendar year and the defined period.

3. Run the report that should run during the shutdown period. If users need to see more reports for year-end billing, run them sequentially. There is no "year-end" report in the general Ledger.

5. After completing the above steps, the first period of the new Year is opened. After successful completion of the process, run the Trial table report for the New Year (Trial balance) and check to make sure that all revenue and expense account start balances are 0.

Note: If you have any questions about the opening balance, use the analysis script in note.1416402.1.

6. If the company requires a scoring record at the end of the year, it is necessary to run the annual knot entry process:

Close process-Create a profit and loss statement to close the journal-creates the ledger entry for the closing balance to the retained earnings account.

"Close process-create balance sheet to close journal"-carry-over balance to the next year.

7. If the user has any income or expense account does not have a 0, most of it is due to the wrong account type. Check that the account is set to the correct account type (for example, income or expense).

Check account type path:gl-> set => financial => elastic field => key => value

Query the account Value and tab until the Segment qualifier window pops up. The account type is displayed on the window. If the account type is wrong, follow the "false classification account type" document. The document can be found under the "Maintenance (Maintenance)" Heading in the General Ledger User Guide (the process applies to 11i and R12).

You also need to check the account categories in the account mix, and if there is a segment value (typically a fee class) for an incorrect account category, there will also be a combination of ledger accounts for the incorrect account category, and correcting only the segment values does not correct the account combination.

8. Only the actual balance would be automatically carried over to the new year, and the retention and budget balances would need to be transferred to the new year by running the retention section and the budget balance year-end process.

9. Use the annual knot checklist in the user's Guide to check the year-end process in the general ledger.

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